Facebook cuts ad rates by 20% as business slips

Facebook has reportedly cut its advertisement rates by nearly 20 per cent in recent weeks as ad spending on its platform has taken a severe hit owing to the COVID-19 pandemic.
According to a Wall Street Journal report, there has been 15-20 per cent cut in ad rates on the social media platform in the month of March as compared to February.
Wpromote, a digital marketing agency that handles $130 million in yearly ad spending on the social media platform, told The Wall Street Journal that “Facebook’s rates have declined 25 per cent from February to March”.
Another marketing company 4C Insights that manages $350 million in ad spending on tech platforms, said one ad cost on Facebook-owned Instagram to get in front of 1,000 users dipped 22 per cent in the same period.